Beazley premiums rise with strong dollar
UK-based Beazley said underwriting conditions improved as expected in the first quarter, although investment markets remained challenging.
The specialist insurer and reinsurer saw gross written premiums increase 27% to £256.2 million in the first quarter, compared to £201.2 million in the same period last year.
The largest increase was in Beazley’s reinsurance account, which rose 52% to £45.8 million.
The main reason for the increase in premiums written was the strong US dollar, as three quarters of the company’s premiums are sold in US dollars.
Investments lost an estimated £2.7 million for the quarter.
Andrew Horton, Chief Executive Officer, said: “The investment environment remains extremely challenging but we continue to take measures to de-risk our portfolio and supplement the healthy underwriting profits now in prospect.”
The company recently raised £150 million through a shares issue, enabling it to exploit growth opportunities created by the current economic slowdown.
Category: Financials, Insurance News
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